Imagine being a financial detective, unraveling complex webs of deceit and bringing white-collar criminals to justice. This is the world of forensic accounting, a dynamic field that combines sharp analytical skills with investigative instincts. As financial transactions grow increasingly complex and awareness of fraud heightens, the demand for skilled forensic accountants continues to rise.

By leveraging their expertise in uncovering financial misconduct, forensic accountants play a crucial role in protecting individuals, communities and businesses from the consequences of economic crimes. The University of Wisconsin-Parkside (UW-Parkside) online Master of Business Administration (MBA) with a Concentration in Accounting program offers comprehensive preparation for students seeking to navigate the intricate landscape of financial investigations and contribute meaningfully to the fight against fraud.

Occupational Prospects

Forensic accountants wield their financial expertise across various sectors. They may find themselves unearthing financial misconduct for corporations, government agencies or law firms, employing their skills to trace funds and decipher complex transactions.

Professionals with a master’s degree often command higher salaries and are sought for leadership roles. The field offers excellent career prospects, with the U.S. Bureau of Labor Statistics (BLS) reporting a median annual pay of $79,880 for accountants and auditors as of May 2023. Also, financial examiners earn a median pay of $84,300 as of May 2023. The outlook is particularly bright for this related field, with a projected job growth of 20% through 2032, per BLS. This rapid expansion, coupled with the expected addition of 126,500 new accounting jobs annually, underscores the high demand for trained forensic accounting professionals.

Understanding the Duties of a Forensic Accountant

This field requires not only traditional accounting skills but also specialized knowledge in preventing and detecting fraud, conducting investigations and contributing expertise to legal proceedings. Forensic accountants dive deep into financial records, employing specialized techniques to unravel complex financial crimes. They scrutinize accounts, trace fund movements and recover hidden assets, often working closely with law enforcement agencies. In insurance investigations, they go beyond surface-level assessments, providing objective analyses of economic losses and quantifying true damages in cases ranging from vehicle accidents to malpractice suits.

In the civil arena, forensic accountants play a crucial role in family law and custody disputes. They dissect financial records to determine whether support requests are justified or parties are concealing assets. As expert witnesses, they translate intricate financial maneuvers into understandable terms for judges and juries, bridging the gap between complex financial data and legal proceedings. Their work in fraud prevention is equally vital, as they conduct risk assessments and develop strategies to fortify organizations against potential financial misconduct.

Steps to Becoming a Forensic Accountant

Here are the essential steps to starting your career in this dynamic field:

  1. Earn a bachelor’s degree: An undergraduate degree in accounting, business or a related field is typically required to become a forensic accountant. UWP courses such as Managerial Accounting and Auditing and Forensic Accounting Methods provide a strong foundation. Electives regarding criminal investigation and fraud can offer specialized knowledge.
  2. Get certified as a CPA: Passing the Certified Public Accountant (CPA) exam is crucial. The exam covers topics such as financial accounting and reporting, auditing, taxation and regulation. This credential prepares graduates for the complex accounting tasks forensic accountants handle.
  3. Pursue an MBA: An MBA in accounting makes individuals more attractive candidates. Graduate programs cover advanced topics like government regulations, tax laws and international business practices, providing deeper insights and more specialized expertise in forensic accounting.
  4. Gain practical experience: Internships or entry-level positions help students build practical skills and prepare for the CPA exam. Forensic accounting is generally not an entry-level role, so relevant experience is essential. Networking with professionals during an MBA program and finding a mentor can provide valuable industry insights and job search assistance.
  5. Pursue additional certifications: Beyond the CPA, additional certifications can enhance your career. The Certified Fraud Examiner (CFE) credential covers fraud-related topics and investigation techniques. The Certified Forensic Accountant (CFA) credential requires passing an exam and having accounting or auditing experience. These certifications can improve professionals’ job prospects and earning potential.

Pursue Your Career With a Specialized Accounting MBA Online

For aspiring forensic accountants, an MBA in accounting provides a crucial advantage. UW-Parkside’s online MBA in Accounting program not only covers essential accounting skills but also integrates a broad business education, equipping professionals with the diverse expertise needed to confidently handle corporate compliance and litigation support. The curriculum supports CPA exam and additional certification preparation, ensuring graduates develop areas of expertise and leadership potential.

The comprehensive nature of an MBA in accounting makes it particularly valuable in forensic accounting, where both technical proficiency and strong managerial skills are essential. By enrolling in this program, students take a significant step toward a rewarding career in uncovering financial misconduct and contributing to the fight against economic crime.

Learn more about UW-Parkside’s online MBA with a Concentration in Accounting program.